South Korea’s justice minister said a bill is being prepared to ban all cryptocurrency trading.

That news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and ethereum.

“There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Park Sang-ki said at a press conference, according to the ministry’s press office.

He added that he cannot disclose details about the proposed shutdown of virtual currency exchanges but will jointly work with the government task force.

That news comes after the country’s largest cryptocurrency exchanges were raided by police and tax agencies this week for alleged tax evasion, people familiar with the investigation told Reuters.

—Reuters contributed to this report.

Source: cnbc china
One of the world's biggest cryptocurrency markets is readying a bill to ban trading